Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Mick McGuire’s activist hedge fund Marcato Capital Management is winding down after its assets shrunk over the past two years due to poor returns, sources told Reuters on Sunday.
What Happened
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Marcato Capital Management, an activist hedge fund supported by Blackstone Group Inc (NYSE:BX) and billionaire William Ackman is shutting down as it has lost a significant number of assets over the past two years.
Richard McGuire, the founder and portfolio manager of the San Francisco-based company, informed investors about his decision to close the activist hedge fund last week, anonymous sources told Reuters. McGuire had been selling positions for the past few months to meet redemption requests.
Why It Matters
Marcato managed roughly $3 billion in assets at its peak years, but assets have recently shrunk to a few hundred million, one of the sources told Reuters.
In 2013, the hedge fund gained double-digit returns of 26%, pushing for changes at companies like auctions house Sotheby’s.
Marcato’s assets fell from $3.2 billion in 2015 to around $250 million in 2019, due to poor performance and client redemptions, sources told the WSJ earlier this year.
Marcato’s returns shrunk late last year, leaving the fund with a sizable loss for 2018, an investor said to Reuters. Despite a strong start in 2019, it may end the year in the red as the U.S.-China trade war had affected some of its investments, such as in companies like Terex Corporation (NYSE:TEX).
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.